Eastbourne has second quickest conveyancing times in UK
With stamp duty holiday ending next month, those looking to complete a property purchase in Eastbourne could have some of the best chances in the country due to quick conveyancing times, according to a new study.
The research from online mortgage broker Mojo Mortgages looked at current waiting times for local authority searches to be completed - a determining factor that has an impact on the length of time between a memo of sale and completion.
Eastbourne Borough Council had the joint-second fastest turnaround time for local searches out of all councils across the country with six working days and 10.2 weeks of conveyancing time on average.
In comparison, those in Hackney could face local authority search delays of 180 working days, with Havering, 90 working days, and Dorset Council, 70 working days, reporting some of the slowest responses in the country.
Eastbourne’s average conveyancing time suggests residents may be able to save thousands of pounds by taking advantage of the stamp duty holiday that ends on June 30.
Those purchasing a property in Ashfield District, Nottinghamshire are least likely to be affected by delays in returning local authority searches though, taking five days on average.
A Mojo Mortgages spokesperson said the company combined the latest local authority search data with the average remaining conveyancing time of nine weeks, suggested by the HomeOwners Alliance, to work out the average total conveyancing time for each local authority, however they emphasised that every home purchase proceeds at its own speed.
Commenting on the research, Richard Hayes, CEO at Mojo Mortgages, said, “The Stamp Duty holiday, and the savings of up to £15,000 that come with it, has helped thousands of people buy new homes.
“The recent extension is good news for the many thousands of buyers still currently worried they would miss these savings, however with just eight weeks to go until the deadline there will be many wondering if they are going to complete on time, with conveyancers doing all they can to keep clients happy.
“Although these times are average and theoretical, they do help people realise how long things can take, and how tight it could be.
“If they do think they are at risk, it’s really important they speak to their conveyancer about no-search indemnity insurance.
“Of course, there is definitely the flip side of the coin where mortgages and conveyancing can get sorted much quicker than you expect.”